SPY vs STLD: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Steel Dynamics (STLD) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STLD?
Across a 3-year window, the weekly returns of SPY and STLD correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.47 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 236.8 %².
By 3-year correlation, STLD places #603 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with STLD ahead by 59.2 points (+20.6% versus +79.8%). The rolling one-year correlation moved between 0.27 and 0.70 over the past three years, a moderate range. One caveat on sizing: STLD is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs STLD: side by side
| SPY (SPDR S&P 500 ETF Trust) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +20.6% | +79.8% |
| 5-year return | +82.4% | +262.0% |
| Volatility (ann.) | 14.5% | 34.5% |
| Beta vs S&P 500 | 1.00 | 1.13 |
| Max drawdown (3Y) | -18.8% | -28.7% |
| Market cap | – | $33.8B |
| P/E (trailing) | – | 21.4 |
| Dividend yield | 1.01% | 0.87% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Materials |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | STLD |
|---|---|---|
| 2022 | -18.2% | +60.1% |
| 2023 | +26.2% | +22.8% |
| 2024 | +24.9% | -2.0% |
| 2025 | +17.7% | +50.7% |
| 2026 | +13.7% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STLD good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and STLD?
The SPY/STLD correlation stands at 0.47 on a 3-year window (1 year: 0.31, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is STLD a good diversifier for SPY?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · STLD correlations
